site.btaCentral Bank, Modern Trade Association Sign Memorandum of Cooperation

Bulgarian National Bank (BNB) Governor Dimitar Radev and Modern Trade Association Executive Director Nikolay Valkanov Tuesday signed a memorandum of cooperation. Attending the signing ceremony were also BNB Deputy Governors Petar Chobanov and Radoslav Milenkov as well as representatives of the Modern Trade Association's leadership, the central bank said in a press release. 

Radev said, as quoted in the press release, that adopting the euro will reduce currency risk and protect the economy from speculative pressures, boost investor confidence and deepen financial integration. "The signing of this memorandum with the Modern Trade Association, which represents the country's major retail chains, is also of great importance for the implementation of a number of activities in terms of the information campaign on the euro and to overcome people's fears related to speculative price increases. I believe that both the BNB and the banking sector are in a very high readiness to join and work in the euro area, and the business sector is also making the necessary preparations in this direction, and this memorandum will be useful in this direction as well," the BNB Governor said.

Valkanov said that he was grateful on behalf of the Modern Trade Association for the trust and honour to sign a memorandum of cooperation with the most stable and respected institution in the country and to walk together the last steps on the important European path of Bulgaria. 

"The large retail chains, which the Modern Trade Association represents, are fully aware of their role and the huge responsibility they have in the coming months, especially in the period of double circulation of the lev and the euro, and are ready for it. The retail chains have been working in this direction for a long time, they have international experience and I can assure you that they will be the place where consumers will feel most relaxed and secure about their rights and interests," he said, as quoted in the release.

Following the ceremony, a meeting was held between the leaderships of the two institutions to discuss future joint initiatives in the context of joining the euro area.

The European Commission and the European Central Bank are expected to present ad hoc convergence reports on Bulgaria's readiness to join the euro area on June 4.